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Results of the EBRD Project. Development of selected normative documents for the Russian Credit Cooperative Sector.
One of the important projects that the Russian Microfinance Centre launched in March 2011 – a project to develop regulations for credit cooperatives sector in Russia – is coming to an end. This project was implemented under the project “Russia Small Business Fund” (RSBF). In turn, the project “Russia Small Business Fund” is being implemented with financial support from the governments of Canada, France, Germany, Italy, Japan, Switzerland, UK, and USA.
The main objectives of the project are to develop and promote accounting and supervisory standards for credit cooperatives, to build supervisory capacity of the SROs that are in line with international best practice and to identify the key stakeholders in the Russian cooperatives sector (e.g. large SROs).
The achievement of these objectives was made possible by fulfilling the following tasks:
· To develop and promote the unified chart of accounts and methodological recommendations for credit cooperatives.
· To develop standards of operating, supervisory and monitoring activity of the SROs.
· To build the capacity of the SROs to carry out their functions of monitoring and supervision of credit cooperatives.
· To identify the main stakeholders in the Russian credit cooperative sector and facilitate policy dialogue.
By the end of the Project the Russian Microfinance Center has successfully achieved the following results:
· RMC has assisted the Ministry of Finance of the Russian Federation in development and coordination of draft paper “On peculiarities of formation and recording of certain business operations in financial (accounting) reports of credit consumer cooperatives” between members of the Working Group. The draft document is under consideration if the Department of state financial supervision, audit, accounting and reporting
· RMC consultants has developed the following internal Regulations of SROs:
· Procedures for admission and exclusion of SRO members;
· Procedures for establishing the governing and executive bodies of SROs;
· Procedures for delivering reports and other information from SRO members;
· Procedures for conducting audits of credit cooperatives;
· Procedures for monitoring the activities of SRO members.
· RMC has prepared the Procedure that includes the minimal requirements towards the SRO internal Regulations. The Procedure is still under consideration of FSFM.
· The RMC consultants have assisted the Ministry of finance in development of the Order N 44n “On approval of the order of maintaining the state register of self-regulatory organizations of credit consumer cooperatives” dated April 19, 2011.
· RMC helped to identify and divide regulatory and supervisory functions between the Ministry of Finance and FSFM. FSFM since 8 September 2011 has become responsible for supervision of credit cooperatives and microfinance organizations.
· RMC has conducted two trainings “On Revision (examination) of credit cooperatives by self-regulating organizations” and “On Distance (off-site) monitoring credit cooperatives”. 24 representatives of 7 SROs took part at the trainings.
· RMC has developed the TOR for distant (off-site) monitoring software. The TOR was developed with active participation of 6 SROs. After completion the TOR was shared with SROs.
Evgenia Evmenenko, e-mail: Evmenenko@yandex.ru
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